30 Apr
Chapter News

ECB recalibrates targeted lending operations to further support real economy

April 30, 2020 | • Interest rate on all targeted longer-term refinancing operations (TLTRO III) reduced by 25 basis points to -0.5% from June 2020 to June 2021 • For banks meeting the lending threshold of 0% introduced on 12 March 2020, the interest rate can be as low as -1% • Start of the lending assessment period brought forward to 1 March 2020 The Governing Council of the European Central Bank (ECB) today decided on a number of modifications to the terms...

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30 Apr
Chapter News

Monetary policy decisions

April 30, 2020 | At today’s meeting the Governing Council of the ECB took the following monetary policy decisions: (1) The conditions on the targeted longer-term refinancing operations (TLTRO III) have been further eased. Specifically, the Governing Council decided to reduce the interest rate on TLTRO III operations during the period from June 2020 to June 2021 to 50 basis points below the average interest rate on the Eurosystem’s main refinancing operations prevailing over the same period. Moreover, for counterparties whose...

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30 Apr
Member News

L&L: The impact of the COVID-19 crisis on cross-border commuting and the residence status of individuals, some remarks

April 30, 2020 | On 3 April 2020, the OECD Secretariat issued its analysis on tax treaties and the impact of the COVID-19 crisis. The guidance deals with (a) concerns related to the corporate residence status (place of effective management); (b) concerns related to the creation of Permanent Establishments; (c) concerns related to cross-border workers, and (d) concerns related to the residence status of individuals. In this special edition we focus on the issue of cross-border commuting and the residence...

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29 Apr
Member News

Portolano Cavallo: COVID-19 Emergency, How to Rethink European Funds to Respond to the Crisis

April 22, 2020 | One opportunity to address the socioeconomic consequences of the spread of COVID-19 is presented by the possibility of allocating part of the direct and indirect European funds allocated in the 2014–2020 programming cycle for this purpose. However, there is debate on the best way to implement the restructuring of existing programs, in particular the European Regional Development Fund (ERDF), the European Social Fund (ESF), and the Cohesion Fund. Although the measures adopted (and in the process...

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29 Apr
Chapter News

Evaluating the initial impact of COVID-19 containment measures on economic activity

April 14, 2020 Introduction and key messages The increasing spread of the coronavirus across countries has prompted many governments to introduce unprecedented measures to contain the epidemic. These are priority measures that are imposed by a sanitary situation, which leave little room for other options as health should remain the primary concern. These measures have led to many businesses being shut down temporarily, widespread restrictions on travel and mobility, financial market turmoil, an erosion of confidence and heighted uncertainty. In a...

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29 Apr
Member News

FaegreDrinker: Highlights of the Paycheck Protection Program and Health Care Enhancement Act

April 28, 2020 | The Congress passed the Paycheck Protection Program and Health Care Enhancement Act, sometimes known as “Stimulus 3.5.” Here are highlights of this law’s impact on the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loans: • More money. The law adds $310 billion in additional guaranty authority to SBA. Based on SBA’s previous loan approvals of 1.6 million PPP loans, this should allow approval of an additional 1.5 million PPP loans. • More lenders. In addition to regulated banks, the bill...

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28 Apr
Chapter News, New York Related News

Amid Ongoing Covid-19 Pandemic, Governor Cuomo Outlines Phased Plan to Re-open New York Starting With Construction and Manufacturing

April 26, 2020 | • Plan Will Be Implemented in Phases and Based on Regional Analysis and Determinations • State Will Closely Monitor Hospitalization Rate and Public Health Impact During Each Phase of Re-Opening and Will Adjust Plan and Make Other Decisions Based on Those Indicators • Confirms 5,902 Additional Coronavirus Cases in New York State - Bringing Statewide Total to 288,045; New Cases in 48 Counties Amid the ongoing COVID-19 pandemic, Governor Andrew M. Cuomo today outlined a phased plan to re-open New York and re-imagine a new...

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28 Apr
Member News

AlixPartners: You Survived. Now What? A Restart Playbook for Retailers, Wholesalers, and Brands

April 24, 2020 | All of us have spent the last several weeks focused on the health and well-being of our teams and companies, and, in some cases, even survival. Now, the industry stands at an unparalleled juncture. Retail is facing more change, uncertainty, risk, and—if you can allow yourself to imagine it—reward than it has in memorable history. There are innumerable predictions in the market about when the shelter-in-place recommendations will end and how the consumer is likely to respond....

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28 Apr
Member News

WSGR: Navigating Down-Round Financings

April 27, 2020 | Although we all hope for a quick return to stability, the current environment raises the possibility of an increase in down-round financings—private company financings in which the company has a reduced valuation from its prior financing round. In recent weeks, we have observed pressure on valuations and the emergence of more onerous, less company-friendly terms in several, though certainly not all, financing rounds. Down rounds raise a number of delicate and important issues for companies and...

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28 Apr
Chapter News

Coronavirus Response: Commission adopts banking package to facilitate lending to households and businesses in the EU

April 28, 2020 | The Commission has today adopted a banking package to help facilitate bank lending to households and businesses throughout the European Union. The aim of this package is to ensure that banks can continue to lend money to support the economy and help mitigate the significant economic impact of the Coronavirus. It includes an Interpretative Communication on the EU's accounting and prudential frameworks, as well as targeted “quick fix” amendments to EU banking rules. The rules put in...

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